08:48 AM EDT, 05/16/2024 (MT Newswires) -- The US dollar built modestly on earlier gains over the euro and some other major currencies in early North American trade on Thursday after weekly jobless claims rose at a more moderate pace in the week ending May 11.

Department of Labor statistics Thursday showed unemployment claims rising by 222,000 in the week to May 11, down from 232,000 previously but slightly ahead of the consensus for a 220,000 increase. The reduced claims mark a reversion toward the four-week average of 217,750, which rose during the recent week from 215,250 previously.

EUR/USD fell to 1.0860 following the report, from 1.0867 previously, while GBP/USD fell to 1.2655 from 1.2670 beforehand. USD/JPY, meanwhile, rose to 155.15 from 154.60 previously. The US dollar was quoted higher against all G10 currencies in the wake of the report, but maintained losses against some G20 counterparts like the Korean won and South African rand.

The prior week's increase had led to a disproportionately large drop in US dollar exchange rates, perhaps owing to remarks made by Federal Reserve Chairman Jerome Powell in the May monetary policy press conference where he said that an unexpected weakening of the labor market would be one of two scenarios in which interest rates could still be cut this year.